June 29th 2020 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market
Based on the Commitments of Traders data reported on: June 16th 2020
📊 In the Markets: What do we have taking place in the markets this past week? #GOLD (1769.90) is holding the highs very nicely and all the evidence suggests we will be seeing more highs to come. There isn’t any indication of any momentum shifting downwards so all focus will be on longs. In terms of #OIL (38.17) we can see that some supply is now in play but the meat of monthly supply has yet to be hit. So although we may experience some
downside from these current levels, the Sherlock system suggest that price will likely continue a bit higher before a more substantial drop.
The #DOLLAR (97.50) is resting at the higher timeframe demand area were #institutions are set to start buying again and this comes after many articles predicting a dollar collapse were released. Our system does not give any indication of a dollar collapse at this point. For any serious indication of a collapse to be in play we would need to see the 95’s be taken out with a close on the monthly chart near the lows. This has yet to take place. When we examine the #dollar pairs we are also seeing evidence to suggest more upside is in the works.
The #AUD pairs came under some intense analysis this weekend as we took apart all the data points collect on each timeframe and processed it through the Sherlock system to produce a conclusion that we are likely to see more highs to come. The #AUDUSD (0.6860) removed institutional supply which indicates a move higher is expected and we can confirm #AUD strength on the cross pairs as well.
The #USDCAD (1.3688) is building strength as we previously forecasted and we are expecting more upside this week!
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